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Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 3%. Her current balance owing on November 1 is $14,500.00
Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 3%. Her current balance owing on November 1 is $14,500.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 3.25%. She makes one payment of $2,250.00 on January 19. Create three months of her repayment schedule. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions, as shown in the textbook examples.) Date Balance before Transaction Annual Interest Rate Number of Days Interest Charged Accrued Interest Payment (+) or Advance (-) Principal Amount Balance after Transaction Nov 1 $14,500.00 Dec 1 6.25% Jan 1 6.25% Jan 19 6.25% $2,250.00 Feb 1 6.25%
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